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Supertalls Discussions of projects under construction between 300-599m/1,000-1,999ft tall.
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Old June 25th, 2014, 11:35 PM   #4141
ThatOneGuy
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I still don't expect anything happening for a long time. After all it's the WTC.
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Old June 25th, 2014, 11:37 PM   #4142
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Nah. Unlike the PA, Larry gets shit done!
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Old June 25th, 2014, 11:39 PM   #4143
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I still don't expect anything happening for a long time. After all it's the WTC.
If I had a dollar for every snarky comment you've made in this thread I could fund 2WTC.
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Old June 25th, 2014, 11:40 PM   #4144
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Six dollars?
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Old June 25th, 2014, 11:42 PM   #4145
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He's getting $50 million right away. But I'm not sure what we can expect from such a small sum. Maybe a month's worth (or two) of construction. Perhaps just enough to bide time while they get the rest of the money through the bond market and keep Group M satisfied that progress is being made.
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Old June 25th, 2014, 11:43 PM   #4146
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The title on this should be changed.
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Old June 25th, 2014, 11:45 PM   #4147
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The title on this should be changed.
Let's not jump the gun. Let's wait till we see some actually construction.
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Old June 25th, 2014, 11:46 PM   #4148
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According to the article, it seems like he COULD use that money to resume for now while he works out a deal with a private investor to keep GroupM aboard. I don't know though.

EDIT: I'll just keep a close eye on the webcam for activity
That's what I was thinking. He's definitely going to start this ASAP. He wants this done and it seems the bankers are on his side with this. Though it seems a deal is always struck at the last minute/ last option...oh well. Next 2WTC!!!
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Old June 25th, 2014, 11:49 PM   #4149
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He's getting $50 million right away. But I'm not sure what we can expect from such a small sum.
I wish I could consider that a small sum
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Old June 25th, 2014, 11:56 PM   #4150
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The release of the insurance money does 2 things. 1) It will allow verticality to resume and because of this, will give confidence for… 2) GroupM to stay.

Now Silverstein can finance the $1.2 B via a much improved bond market for those liberty bonds which was not so hot at the time GroupM had signed, therefore could not avail of it and move forward with favorable terms. That was then and this is now.

Finally after tapping the liberty bonds for the $1.2B, seeking the difference via private financing should be a cake walk at that stage.

Funny thing, as a result of this deal and as part of the negotiations, the PA was able to cut back 2 floors that had been leased in Silverstein’s 4 WTC.
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Old June 26th, 2014, 12:05 AM   #4151
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I agree. 150M is not nearly enough to finish the tower, but this gives more confidence.
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Old June 26th, 2014, 12:10 AM   #4152
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Bottom line is, we're finally gonna see some action on the site which is way overdue, now let's hope Blankfein and Dimon make sure their guys do their job so it doesn't stop again.
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Old June 26th, 2014, 12:52 AM   #4153
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Man, this might be the first piece of good news for 3 World Trade Center in a long time. I'm so excited! We can see the New World Trade Center becoming more of a World Trade Center, than a construction site.
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Old June 26th, 2014, 01:32 AM   #4154
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Anyone got the link for the 3WTC webcam? I've seem to have misplaced it.
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Old June 26th, 2014, 01:34 AM   #4155
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http://kerrigan.synology.me/earthcam.php?view=3wtc
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Old June 26th, 2014, 03:28 AM   #4156
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I've been waiting 6 years for this.
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Old June 26th, 2014, 03:30 AM   #4157
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OK, So let me get this straight. The 150m Silverstein sadly had to take out from 2WTC is being bought over for 3WTC to resume construction very soon, until the 150m runs out. So let's just say if Silverstein doesn't get the rest from private investors and there at the 40th floor and the 150m runs out, does that mean the building will be stuck again until the rest of the money is raised? Jeez, i never knew building a skyscraper can be such a hassle!
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Old June 26th, 2014, 03:32 AM   #4158
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This is even more good new for 3WTC, downtown is really kicking ass right now, will 2WTC get some attention too? Sure hope so.

Bank of New York Mellon headquarters to Brookfield Place
http://nypost.com/2014/06/25/bank-of...okfield-place/
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Bank of New York Mellon, in a move that boosts the already-improving fortunes of Lower Manhattan, has decided to move its headquarters to Brookfield Place downtown, The Post has learned.

The deal for about 350,000 square feet at 225 Liberty St., the former 2 World Financial Center, is likely to be announced on Thursday.

The agreement, confirmed by several industry sources plugged into the deal, definitively ends a saga that began when BNY Mellon announced last year it would put its landmarked tower at 1 Wall Street up for sale.

BNY was negotiating both for the Brookfield tower and also for a building in Jersey City. While the smart money was on the bank staying in Manhattan, it was never a sure thing.
Its decision is good news both for Brookfield, which is rapidly refilling space left behind by Merrill Lynch, and for downtown as a whole.

The bank’s origins stretch back to Alexander Hamilton, who also founded the New York Post.
Asked to comment on the news last night, Sen. Chuck Schumer, who had pushed key decision-makers to keep the bank in New York, said, “This is a real shot in the arm for downtown and the city. Smart companies know they can get the best quality and range of employees here. I’m thrilled BNY will continue to be a great New York institution.”

The impending move to Brookfield Place also benefits Larry Silverstein. His campaign to finance construction of 3 World Trade Center was delayed by lenders’ perception of what they regarded as a soft downtown leasing market.

The BNY deal, like Time Inc.’s move into Brookfield Place, should finish off that notion for good.

On Wednesday, Silverstein got a breakthrough of his own when the Port Authority authorized him to tap $159 million from an insurance-proceeds reserve to use for 3 WTC.
Silverstein and PA head Patrick Foye said it enables construction on the 80-story tower to resume.
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Old June 26th, 2014, 03:35 AM   #4159
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Quote:
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OK, So let me get this straight. The 150m Silverstein sadly had to take out from 2WTC is being bought over for 3WTC to resume construction very soon, until the 150m runs out. So let's just say if Silverstein doesn't get the rest from private investors and there at the 40th floor and the 150m runs out, does that mean the building will be stuck again until the rest of the money is raised? Jeez, i never knew building a skyscraper can be such a hassle!
He already has some investors lined up, so that won't happen. Don't worry, this tower will get built this time.
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Old June 26th, 2014, 04:00 AM   #4160
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Within a couple of years, we'll see WTC2 start soaring up as well... I really feel by 2020 the vision of a four tower World Trade Center complex will be finally, majestically, soaringly realized!
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